Peer-to-Peer FAQs

What is iDeyPay marketplace?

iDeyPay marketplace is our peer-to-peer Bitcoin exchange where users can buy and sell Bitcoins to and from each other. Users, called traders, create advertisements (also known as Trade Ads) with the price and the payment method they want to offer. You can browse the marketplace here for trade advertisements and search for a payment method you prefer. You will find traders buying and selling Bitcoins online.

If you’re new to iDeyPay and want to buy Bitcoins on the marketplace, please take a look at our how to buy guide to learn how to buy Bitcoins on the peer-to-peer platform.

How am I protected from being scammed?

All online trades are protected by escrow. When a trade is started the amount of Bitcoins for the trade is automatically reserved from the seller’s iDeyPay Bitcoin Wallet. This means that if the seller runs away with your money and does not release your Bitcoins iDeyPay support can release the Bitcoins to you from escrow. If you’re selling Bitcoins, never release the escrow before you know that you have received money from the Bitcoin buyer.

When creating a sell ad, will my bitcoin be deducted?

Yes, when you create a Trade Ad to sell bitcoins, we will automatically reserve the maximum transaction limit of bitcoin you set in your trade, from your iDeyPay Bitcoin Wallet. You can access the bitcoin back if you delete or disable the ad.

After a successful trade, you have the only ability to release bitcoin in the escrow to the buyer after receiving payment.

When creating a buy ad, will my money be deducted?

Yes, when you create a Trade Ad to buy bitcoins and you chose Naira Wallet as your payment method, we will automatically reserve the maximum transaction limit of money you set in your trade (based on your buying price), from your iDeyPay Naira Wallet. You can access this money back if you delete or disable the ad.

The money is automatically sent to the buyer after creating a trade to sell bitcoins to you, you will receive email notifications and the transaction details will be in your wallet transactions. You will also receive the bitcoin in your iDeyPay bitcoin Wallet.

Is trading on the marketplace Instant?

If you make purchase or sold bitcoin using Naira Wallet as your payment method, the trade is instantaneous.

How does the feedback system work?

iDeyPay uses a feedback system that shows a score on your public profile. This score, a percentage, shows how much positive feedback a user has.

The feedback can be either Positive or Negative. Once given, feedback will be visible on a user’s public profile if certain conditions are met, otherwise the feedback remains unconfirmed. Unconfirmed feedback is only visible for the receiving user and to iDeyPay administrators and does not affect the feedback score.

Users that have never traded can’t leave feedback.

Explanation of feedback types

Positive: Giving positive feedback increases the receiver’s feedback score.

Negative: Giving negative feedback lowers the receiver’s feedback score.

A trader is asking me for my ID, and I don’t feel comfortable.

Sometimes a trader may ask for your ID. If you are trading for the first time with a trader he/she may ask for you to identify yourself, even if you’ve already verified your identity with iDeyPay. This is because certain transactions put the seller at risk and are required by law to know who their customers are (KYC).

If you do not wish to give the seller your ID, you can always cancel the trade and search for a trader with less strict requirements.

Always send your ID to the seller via the trade chat, our trade chat messages are kept encrypted on our servers and are deleted after 180 days.

I’ve paid the seller but I haven’t received my Bitcoins yet. Is this normal?

The sellers usually release Bitcoins as soon as they see your payment, which can sometimes take an hour. If you’ve paid but are still waiting there is nothing to worry about, for all online trades are protected by escrow and the seller cannot run away with your Bitcoin.

If there are any issues with a trade and the seller won’t release your Bitcoins, you can dispute the trade to have iDeyPay Support resolve it.

If you are buying or selling Bitcoins online, you can dispute the trade after 20 Minutes if you have marked the payment completed.

A dispute can no longer be started if the Bitcoins have been released from escrow.

When a trade you’re involved in becomes disputed, you’ll receive an email notification, in most cases simply starting the dispute is enough to get the attention of your trading partner. A disputed trade is usually resolved within 24-48 hours.

I’ve made my payment, but I forgot to press the I have paid button or I did not press it in time

This answer concerns the case when you are buying Bitcoins on the marketplace.

After you initiate a trade to buy bitcoin on the peer-to-peer platform, you have a time window to complete the payment before the trade is automatically canceled (the payment window varies depending on the payment method of the trade). During this time you need to complete your payment and press the I have paid button. The seller is notified that you’ve made the payment and the Bitcoins will be held in escrow until the seller releases them for you when seeing the payment in his/her account.

If you paid for the purchase, but did not mark the payment complete before the payment time window expired, please contact the seller through the trade. The Bitcoin seller has functionality to Reopen the purchase, this also re-enables escrow. You can contact the seller and your other existing trade contacts from your Completed Trades page in your iDeyPay account. Send a message to the seller and kindly explain the situation and why you couldn’t complete payment within the time window.

If the seller does not respond to this request please send an email to [email protected] and mention your trade id.

I have a company that I use to trade Bitcoin, can I have a company verified account?

iDeyPay is currently built for individuals, so you can’t trade with a company name.